IFFIm takes the spotlight at Gavi’s Raising Generation ImmUnity conference
IFFIm takes the spotlight at Gavi’s Raising Generation ImmUnity conference
1 August 2023
Doris Herrera-Pol and Ken Lay during the Raising Generation ImmUnity Conference, June 2023.
On 13 June, current and former Board members Ken Lay, Doris Herrera-Pol, Christopher “Edge” Egerton-Warburton and Francesca Manno, a Director in the Italian Ministry of Economy and Finance, made IFFIm the focus of a high-level plenary session, “IFFIm: the Past, Present and Future of the World’s First Social Bond.”
The event was part of Gavi’s Mid-Term Review conference in Madrid, Raising Generation ImmUnity, where the impact of vaccines and Gavi’s progress mid-way through its 2020-2025 strategy were put on display for donors and partners.
The IFFIm session was conversational and personal, as fitted an event that brought together four longtime friends and collaborators who helped build IFFIm from the ground up.
“It’s been incredible to see the IFFIm concept evolve and take on new challenges including supporting CEPI (the Coalition for Epidemic Preparedness Innovations) and financing for the COVID Pandemic via COVAX,” said Egerton-Warburton, who shared his insider history of how IFFIm was created – a story that includes interactions (both chance and planned) with Gordon Brown, Alan Greenspan and Bill Gates.
IFFIm has to date raised close to US$ 9 billion from sales of vaccine bonds on international capital markets. This funding has been essential to Gavi, particularly during health emergencies.
“At one point, we felt that IFFIm might be a victim of its success,” said Manno. “In the beginning, IFFIm provided half of the resources to Gavi with very positive results in increasing vaccine coverage, allowing the Alliance to attract more resources from donors through direct contributions – than via IFFIm - in subsequent replenishments. However, its flexibility stoically remains an important feature, allowing Gavi to use IFFIm funding as and when needed and save it for a rainy day. This precisely became even more critical during emergencies such as Ebola in 2014 and, more recently, COVID-19.”
The IFFIm 101 session was well received by about 100 conference participants, who expressed appreciation for the circumstances surrounding IFFIm’s funding and why it is a unique vehicle for Gavi and for global development.
Ken Lay and Doris Herrera-Pol also participated in a Gavi breakout session titled “Innovation at Work.” The session explored how Gavi uses innovative financing tools and partnerships to further its mission, a key component of which is IFFIm.
Hosted by the Spanish Government, the Raising Generation ImmUnity Conference brought together health ministers from 17 Gavi implementing countries, officials from 23 donor countries as well as private sector innovators, civil society and the pharmaceutical industry to evaluate the Alliance’s implementation of first two years of its current strategic period and deepen their commitment to routine immunisation and life-saving vaccinations. About 250 participants attended the Conference.
The Conference saw Gavi raising over US$ 100 million in pledges and partnerships, with the announcement of several innovative partnerships with private sector, philanthropy and development finance partners.
“It’s been incredible to see the IFFIm concept evolve and take on new challenges including supporting CEPI and financing for the COVID Pandemic via COVAX”
- Christopher "Edge" Egerton-Warburton, former IFFIm Board Member
“In the beginning, IFFIm provided half of the resources to Gavi with very positive results in increasing vaccine coverage, allowing the Alliance to attract more resources from donors through direct contributions – than via IFFIm - in subsequent replenishments”
- Francesca Manno, a Director in the Italian Ministry of Economy and Finance
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